Resounding Growth: Far-Field Speech and Voice Recognition Market Reaches $6.9 Billion

Forecasts show that the Far-Field Speech and Voice Recognition Market will increase rapidly, rising from USD 3.7 billion in 2023 to a sizable USD 6.9 billion by 2028. According to the most recent MarketsandMarketsTM analysis, this predicted spike translates into a Compound Annual Growth Rate (CAGR) of 13.1% during the projected period from 2023 to 2028.

The growing adoption of speech recognition technologies across a range of applications, from car entertainment systems to smart home appliances, is propelling the market's expansion. The far-field speech and voice recognition market is expected to have a significant influence on how human-computer interaction develops in the future as voice-based interactions become more common in consumer devices.

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Far-Field Speech and Voice Recognition Market

The far-field speech and voice recognition market is expanding rapidly thanks to a number of important considerations. The accuracy and performance of voice recognition systems have been greatly enhanced by technological developments in deep-learning-based far-field microphones, which has led to their widespread use. One of the main drivers of market expansion is the rising need for hands-free and simple device interactions among consumers, which is driving the popularity of voice-controlled smart speakers. Furthermore, the accuracy and dependability of far-field voice recognition have been further improved by front-end hardware developments, setting up the market for sustained expansion in the upcoming years.

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By component, the digital signal processors are projected to hold the largest share of the far-field speech and voice recognition market during the forecast period.

In 2022, the far-field speech and voice recognition market saw the rise of the digital signal processors (DSP) segment as a major player. The high-speed data processing capabilities of these integrated circuits are essential for enhancing the quality of incoming speech and voice signals. Acoustic echoes produced during audio playback pose a serious problem for speech recognition systems since they can affect system performance. These problems have been resolved in large part thanks to DSP methods including beamforming, spectral noise reduction, acoustic echo cancellation, and de-reverberation. The far-field speech and voice recognition market is growing due to consumer demand for voice assistants, smart speakers, and virtual assistants. DSP/processors are essential to improving the accuracy and functionality of these devices.

By smart speakers' segment are projected to hold the largest share of the far-field speech and voice recognition market during the forecast period.

Over the course of the projection period, it is expected that the smart speaker sector would dominate the far-field speech and voice recognition market. This importance is a result of the growing Internet of Things (IoT) and the widespread integration of voice assistants like Alexa and Google Assistant. Smart speakers facilitate a smooth user experience by providing voice control for managing devices, playing music, and a host of other features. Smart speakers are becoming more accurate and responsive as voice recognition technology develops, which increases their allure. The far-field speech and voice recognition market continues to grow thanks to ongoing innovations, as demonstrated by Xiaomi Corporation's release of the Xiaomi Smart Speaker IR Control, which includes Google Assistant and has an LED clock and an IR blaster for controlling non-smart devices.

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North America is expected to hold the largest share in the market by 2028.

Over the course of the forecast period, the United States and Canada will play a key role in driving the far-field speech and voice recognition market in North America, which is expected to become the largest in the world. The area is well-known for its strong technological infrastructure, large concentration of important industry companies, and extensive adoption of smart homes. The growing acceptance of voice-activated virtual assistants and smart home devices, as well as the incorporation of voice recognition technology into automobile systems, is driving market expansion in North America. The region's significant market share can be ascribed to its strong R&D skills, government programmes that are encouraging, and a customer base that actively seeks out cutting-edge voice-controlled products.

Major far-field speech and voice recognition companies such as Amazon (US), Google (US), Apple Inc. (US), and Microsoft Corporation (US) are investing heavily in far-field speech and voice recognition technologies, further propelling the market forward.

News Covered:

https://www.globenewswire.com/en/news-release/2023/07/13/2704259/0/en/Far-Field-Speech-and-Voice-Recognition-Industry-to-grow-at-a-CAGR-of-13-1-2023-2028.html 

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